What are the chances of purchasing a foreclosed home in Arizona for $30,000.00?

Asked by Tony Chavez, Flagstaff, AZ Sun Mar 29, 2009

After the home has been purchased and renovated, how soon can it be turned over again?

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James Wehner, Agent, Scottsdale, AZ
Sun Mar 29, 2009
There are currently properties available to purchase for $30K, but they may not be the best for immediate flip or at least a quick flip. If you have $30K to invest, you can choose to look at homes in a bit higher price range and finance the remaining amount either through conventional or private financing. The financing option you choose will depend on the deal and exit strategy.

You can resell a home as quickly as the same day depending on the buyer's financing. If the buyer is using FHA financing, you will have to wait until you have been on title for 90 days until the FHA buyer can purchase the home. There are several alternative options for buyers that want to use FHA financing that I have used to cut down on your holding costs.

Keep in mind there is no one absolute way you have to follow to fix-n-flip or just flip a property. Finding the deal is the main component, then plotting your exit strategy and financing options.

If you need assistance in any area of your fix-n-flip stages, let me know.
Web Reference:  http://www.jameswehner.com
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Mr.P, , Arizona
Sun Mar 29, 2009
Hey Tony,

Yes you can buy a home for 30K. You can actually list the home for sale the day after you take possession.

Some of the better flips (less risk) we currently have are in the 50 to 75K price range, so you may want to consider a partner.

If you need to connect with other investors in need of partners, let me know.

Good Luck
Patrick
Web Reference:  http://www.AZRE.TV
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